With rising cases of critical illness, it's a smart move to invest in a health insurance policy specifically designed for covering critical illnesses. It is the life-threatening diseases, frequently becoming common. Heart attacks, kidney failure, cancer all are critical illnesses. With rising conditions, more health insurers are now providing health insurance specifically designed for critical illness. These policies give a lump sum amount if the patient is diagnosed with any of the critical illness as per the terms and conditions of the insurance. Cancer, cardiac arrest, and stroke are commonly included ailments.
With critical illness insurance there is a clause associated called the survival period.
What is the survival period?
The survival period is a pivotal aspect of a critical insurance policy. It is the length of time one must survive after the diagnosis of critical illness. As most critical sickness is not death benefit, so it won't be beneficial for your family if you die within the survival period. All the benefits of the insurance can be availed once you have passed the survival period. The length of the survival period is different for different insurers and is generally between 14 days to a month.
This factor must be considered when getting insurance. A shorter survival period will save you from emotional drainage. It will allow you to get more benefits from the policy.
Facts to know about survival period
It is vital for the person getting insurance to understand the difference between the waiting period and survival period. One must read the terms and conditions associated with the policy in great detail to understand the working of the policy.
The waiting period is the number of days you must wait before you are eligible to take the benefit of the policy. It starts once you sign up for the policy. With critical illness the waiting period is longer it could be anywhere between 30 days and above depending on what plan you opt for. A waiting period is affected by
pre-existing conditions and disease-specific waiting period.
The survival period is short and is implemented once the person is diagnosed with a critical illness. It is shorter. If the person does not make it through the survival period, their family won't benefit from the policy.
Premium Return
It is often seen that the family/nominee of the insured person does not receive a claim due to untimely death. There is an option for the return of the premium. It is returned as a death benefit. It is the sum of whatever premium amount has been paid to the insurance company. However, if the death is due to any illness not covered in the policy plan, then the premium is not returned.
The clause of the Survival Period is a significant part of any critical illness plan. We cannot predict when a disease can occur to us, but we can make our future financial secured by opting for a shorter survival period. Buy
health insurance policy and plan a secure future for yourself and your family.